thailand rice exports to decrease by 15% in 2023
Published on: January 9, 2024.
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Thailand’s Rice Exports Anticipated to Decrease by 15% in 2023
Thailand, a major player in the global rice market, is projected to experience a 15% decline in rice exports in 2023. After surpassing their target of 8.5 million tonnes in 2022 with approximately 8.8 million tonnes exported, the Thai Rice Exporters Association expects exports to reach only 7.5 million tonnes this year.
Factors Impacting the Decline
The decrease is primarily attributed to a weaker demand expected from Indonesia, which was Thailand’s primary buyer in 2022. The outcome of the Indonesian presidential election could potentially affect the demand for Thai rice. Additionally, the volatility of the Thai baht may make Thai rice less competitive compared to Vietnamese rice. Vietnam’s upcoming crop in early 2023 is anticipated to lower prices and attract buyers, potentially including the Philippines.
Rice Prices and Stockpiles
In December, global rice prices hit a 15-year high due to export limitations in India and the threat of dry weather. Countries have been stockpiling rice in anticipation of potential strain on supplies caused by the El Niño phenomenon. There is speculation that India might continue export bans until their election, but if these bans are lifted, it could lead to a significant drop in global rice prices.
Dynamics of the Global Rice Market
The rice market is influenced by a wide range of factors, including weather conditions, political events, and economic policies. Thailand’s decline in rice exports highlights the complex nature of the global market, as nations strategize to secure their food supplies in an ever-changing landscape.
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